Marimekko Corporation: INTERIM REPORT OF MARIMEKKO CORPORATION, 1 January-31 March 2025: Marimekko's net sales in the first quarter grew and operating profit was at a good level

Marimekko Corporation, Interim Report, 14 May 2025 at 8.00 a.m. EEST

INTERIM REPORT OF MARIMEKKO CORPORATION, 1 January-31 March 2025: Marimekko's net sales in the first quarter grew and operating profit was at a good level

This release is a summary of Marimekko's interim report for the January-March period of 2025. The complete report is attached to this release as a pdf file and it is also available on the company's website at company.marimekko.com under Releases & publications.

The first quarter in brief

• Marimekko's net sales increased by 5 percent and totaled EUR 39.6 million (37.7). Net sales were boosted in particular by the growth of wholesale sales in Europe and increased retail sales in Finland.
• Net sales development was negatively impacted by timing-related factors: in the comparable year, a large amount of non-recurring promotional deliveries in Finnish wholesale sales occurred exceptionally in the first quarter, as well as a significant proportion of the licensing income for the year was recorded.
• Net sales in Finland decreased by 3 percent as domestic non-recurring promotional deliveries were lower. International sales grew by 14 percent with both wholesale and retail sales developing well. As previously estimated, licensing income was considerably below the comparison period.
• Operating profit was below the comparison period and amounted to EUR 4.3 million (5.1). Comparable operating profit in the seasonally smallest quarter totaled EUR 4.4 million (5.2) equaling to 11.1 percent of net sales (13.8).
• Operating profit was decreased by weakened relative sales margin especially due to higher discounts but also significantly lower licensing income. In addition, fixed costs were higher than in the comparison period. On the other hand, increased sales supported operating profit.

Financial guidance for 2025

The Marimekko Group's net sales for 2025 are expected to grow from the previous year (2024: EUR 182.6 million). Comparable operating profit margin is estimated to be approximately some 16-19 percent (2024: 17.5 percent). Rapid changes and uncertainties in the global trade policy, development of consumer confidence and purchasing power in the company's main markets as well as possible disruptions in global supply chains, among others, cause volatility to the outlook for 2025.

Uncertainties related to the development of net sales and result are described in more detail in the Major risks and factors of uncertainty section of the Interim Report.

Key Figures

(EUR million)	1-3/ 2025	1-3/ 2024	Change, %	1-12/ 2024
Net sales	39.6	37.7	5	182.6
International sales	20.8	18.2	14	81.6
% of net sales	53	48		45
EBITDA	6.7	7.4	-10	40.7
Comparable EBITDA	6.8	7.5	-10	41.3
Operating profit	4.3	5.1	-16	31.4
Operating profit margin, %	10.8	13.4		17.2
Comparable operating profit	4.4	5.2	-15	31.9
Comparable operating profit margin, %	11.1	13.8		17.5
Result for the period	3.3	3.9	-16	24.4
Earnings per share, EUR	0.08	0.10	-16	0.60
Comparable earnings per share, EUR	0.08	0.10	-16	0.61
Cash flow from operating activities	-3.2	-0.7		29.1
Gross investments	0.9	0.5	86	2.3
Return on capital employed (ROCE), %	29.9	34.1		31.4
Equity ratio, %	61.5	58.4		58.7
Gearing, %	-5.6	-1.8		-12.9
Net debt / EBITDA (rolling 12 months)	-0.11	-0.03		-0.24
Personnel at the end of the period	477	446	7	480
outside Finland	86	78	10	84
Brand sales*	102.7	99.7	3	419.2
outside Finland	75.5	73.7	2	287.1
proportion of international sales, %	74	74		68
Number of stores	170	162	5	168

* Brand sales are given as an alternative non-IFRS key figure, representing the reach of the Marimekko brand through different distribution channels. An unofficial estimate of sales of Marimekko products at consumer prices, brand sales are calculated by adding together the company's own retail net sales and the estimated retail value of Marimekko products sold by other retailers. The estimated retail value is based on the company's realized wholesale sales and licensing income. Brand sales do not include VAT, and the key figure is not audited. Some licensees provide exact retail figures, in which case these figures are used in reporting brand sales. For other licensing agreements, Marimekko's own retail coefficients for different markets are used. Licensing income is reported as brand sales when licensed products are sold.


The change percentages in the table were calculated on exact figures before the amounts were rounded to millions of euros. The figure for comparable earnings per share takes account of similar items as comparable operating profit; tax effect included. Reconciliation of alternative key figures to IFRS and management's discretion regarding items affecting comparability are presented in the table section of the Interim Report.

Tiina Alahuhta-Kasko, President and CEO, in conjunction with the report:

"Marimekko's net sales continued to grow profitably in the first quarter. The increase in retail sales in all market areas in the prolonged challenging market situation reflects the competitiveness of the Marimekko brand and our agility.

Marimekko's net sales grew by five percent in the first quarter and reached EUR 39.6 million, and a recording of the webcast will be available at the same address later. Questions can be asked during the live webcast in writing.

Further information:

Tiina Alahuhta-Kasko, President and CEO, tel. [phone]
Elina Anckar, CFO, tel. [phone]

MARIMEKKO CORPORATION
Corporate Communications

Anna Tuominen
Tel. [phone]
[e-mail]

DISTRIBUTION:

Nasdaq Helsinki Ltd
Key media

Marimekko is a Finnish lifestyle design company renowned for its original prints and colors. The company's product portfolio includes high-quality clothing, bags and accessories as well as home décor items ranging from textiles to tableware. When Marimekko was founded in 1951, its unparalleled printed fabrics gave it a strong and unique identity. In 2024, the company's net sales totaled EUR 183 million and comparable operating profit margin was 17.5 percent. Globally, there are roughly 170 Marimekko stores, and online store serves customers in 39 countries. The key markets are Northern Europe, the Asia-Pacific region and North America. The Group employs about 480 people. The company's share is quoted on Nasdaq Helsinki Ltd. www.marimekko.com

Attachment

• Marimekko_Interim_Report_Q1_2025 (https://ml-eu.globenewswire.com/Resource/Download/c515370f-2f4c-45af-8eb2-c5f199ba41ba)